Fedrigoni Group Q1 Report 2024
The Fedrigoni Group, one of the world’s leading players in premium labels and self-adhesive materials, special papers for luxury packaging and other creative solutions, and RFID and connected solutions – closed 2023 with pro-forma turnover of €1.81 billion (including the 12-month contribution of Tageos and Arjowiggins China and excluding the office business, which is currently for sale), down 11% compared to the record results of 2022 (€2 billion calculated on the same perimeter) but with rising margins.
Highlights
- Fedrigoni ended 2023 with €1.8 billion in pro forma sales, down 11% from the €2 billion in 2022 calculated on the same perimeter, but with €338 million in pro forma EBITDA up 8% from €314 million a year earlier, increasing its EBITDA margin from 15.4% to 18.7% and proving once again its profitability and resilience.
- The Group’s business is increasingly global, with 21% of revenues coming from the Italian market, 49% from the rest of Europe and 30% from the rest of the world.
- In Q1 20241, estimated revenues are €470 million, up 10.9% compared to Q4 2023 and 2.4% compared to Q1 2023. Estimated EBITDA is €81 million, up 5.7% from Q4 2023 and 16.9% from Q1 2023.
- Results for the last 12 months (April 2023 to March 20241) were also positive, with estimated Revenues at €1.825 billion and estimated Pro Forma EBITDA at €356 million, up 5.3% from FY 2023. The estimated EBITDA margin stands at 19.5%.
- Fedrigoni reconfirms its position as the world’s leading player in wine labels and specialty papers for luxury packaging, the third most significant player in the pressure sensitive labels market, and the second in art & drawing papers, also thanks to the 4 M&A deals concluded between the end of 2023 and early 2024.
- CEO Marco Nespolo: “2023 was a year of great volatility, driven by the combination of geopolitical instability, overstocking in many value chains and an unfavorable macroeconomic environment. Nevertheless, we continued to gain market share in all sectors and geographies, closing the year with stable financial results, and once again demonstrated the resilience of our business model. Agile processes and a focus on innovation, sustainability, product excellence, customer proximity and the acquisition of new skills and technologies, supported by the experience and passion of our people, have enabled us to further strengthen our global leadership position”.